Elon Musk-Owned X India's Revenue, Profit Decline 90% In FY24

Elon Musk-owned social media platform X has posted a poor set of financials for FY24, with revenue and profit declining by nearly 90% over last year.

Twitter Communications Pvt., which is now known as X after Elon Musk took over, posted a revenue of operations of Rs 21.1 crore, compared to Rs 207.7 crore in FY23, a decline of 90%.

Its profit also nosedived by a similar magnitude, from Rs 30.4 crore to Rs 3.1 crore in FY24, according to its standalone financial statements filed with the Ministry of Corporate Affairs.

The decline in scale comes after X cut nearly 90% of its workforce in India after its acquisition. That is reflected in its workforce count, which stands only at 12 in India. Its employee benefit expenses, which largely constitute salaries, stood at Rs 6.2 crore, a decline of 95% from FY23's figure of Rs 130.1 crore.

The board also consists of only two members, executive Anup Ashok Malashetti and X's Regional Controller, Asia Pacific Winston Sei Seng Foo.

This is despite the move by Musk to monetise verifications, which were earlier given out free to prominent public accounts. From its financials, the company's scale doesn't seem to be going up anytime soon and India has been downgraded to a small market for the social media giant, despite a user base of about 2.5 crore in the country.